A DEX, or decentralized exchange, is a crypto exchange system that allows users to trade through smart contracts rather than a traditional centralized exchange account.
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Short definition
DEX is a DEX, or decentralized exchange, is a crypto exchange system that allows users to trade through smart contracts rather than a traditional centralized exchange account.
Simple explanation
DEXs commonly use wallets, liquidity pools, routers, and smart contracts to enable token swaps.
Why it matters
DEX use requires understanding slippage, liquidity, token contracts, approvals, and wallet security.
Example context
A user may swap one token for another through a DEX liquidity pool.